These are halcyon days for cryptocurrency – but is it a good investment looking forward?
The value of Bitcoin surged following the decisive US election, and is now valued at over $100,000 (£78,600) for the first time. This boom means it is now the most valuable cryptocurrency on the market.
Donald Trump pledged during his campaign to turn the US into the planet’s ‘crypto capital’ and promised to ease regulation of the industry. To help him on this mission, he has nominated Paul Atkins to lead the Securities and Exchange Commission. He is a former federal regulator who has advised crypto companies.
Bitcoin is owned by a number of different companies, the biggest being MicroStrategy, which held 386, 700 coins this month so far. It is impossible to predict the future with any certainty, although some experts are confident that the price will continue to rise and attract the attention of more institutions willing to allocate funds to Bitcoin and Ethereum ETFs.
Digital asset analysts claim that Bitcoin’s strong prices are supported by sturdy fundamentals. They also state that there have been positive trends in terms of uptake by retail investors and the integration of crypto into existing financial systems and banking portfolios.
Indeed, a survey found that the primary issue facing investors and wealth managers from different countries, including the UK, is one of custody rather than volatility.
If you are looking for advice on wealth management in Cheshire, contact local financial planner Hartey Wealth Management to set up an appointment.
